New Banking Rules: With the beginning of November, many important banking rules have changed. Now, if you have a savings account or a bank locker, there’s an important update for you. Starting today, November 1, 2025, customers will be able to add more than one nominee for their bank accounts and lockers.
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New Banking Rules: With the beginning of November, several important banking rules have changed. Now, if you have a savings account or a bank locker, here’s an important update for you. Starting today, November 1, 2025, customers will be able to add more than one nominee for their bank account and locker. This means you can now nominate more than one trusted person for your deposits or locker contents.
What is the new rule?
The RBI’s new guidelines will apply to all banks, public, private, cooperative, and rural. Under this, every bank will now be required to provide nomination facilities to its customers. If a customer does not wish to nominate a nominee, they will simply need to submit a written declaration. Banks cannot delay account opening or locker locker opening due to this.
New Responsibilities for Banks
Banks will now be required to acknowledge the nomination form within three working days of receiving it. The passbook or fixed deposit receipt will clearly state that the nomination has been registered. The bank will also be required to update the nominee’s name in its system.
Nominee Changes and Removals
If a customer wishes to change or remove a nominee in the future, they can do so at any time. The bank must make these changes immediately upon the customer’s written request. If a nominee’s information is incorrect or the bank rejects it, the bank must provide the reasons in writing within three days.
Changes in Claim Settlement Also
The RBI has already established that banks must settle claims within 15 days of a customer’s death. If the bank delays, it will be required to pay compensation.
Read More: LPG Price Cut: LPG Gas cylinder price reduced by ₹5.50 from November 1, check new rates
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